I need help with the answers for this quiz.
Question 1 1. Knowing demand is equivalent to knowing the a. economic profit. b. average investor. c. customer. d. employee. 1 points Question 2 1. In general, elasticities measure a. the change in quantity demanded when a product attribute changes. b. the change in an attribute for a percentage change in price. c. the change in consumer spending when income changes. d. the percentage change in the quantity demanded resulting from a fixed percentage change in some attribute. 1 points Question 3 1. If price elasticity is 3.25 then a. for every one percent change in price, there will be a 3.25 percent change in demand. b. for every one percent change in price, there will be a .0325 percent change in quantity demanded. c. for every one percent change in price, there will be a 32.5 percent change in quantity demanded. d. for every one percent change in price, there will be a 3.25 percent change in quantity demanded. 1 points Question 4 1. The presence of substitute goods will tend to make demand more a. vertical. b. inelastic. c. unit elastic. d. elastic. 1 points Question 5 1. Brand name products tend to have demand curves that are relatively more inelastic because a. consumers are very sensitive to the prices of brand names. b. brand name products tend to have fewer substitutes. c. brand names are not valued. d. brand name products tend to have more substitutes. 1 points Question 6 1. A manager can determine if her product is viewed as a normal good or an inferior good by considering a. price elasticity. b. cross elasticity. c. advertising elasticity. d. income elasticity. 1 points Question 7 1. Cross elasticity tells a manager that the product they produce is a. a substitute or complement to other goods. b. a countercyclical good. c. a luxury. d. a cyclical good. 1 points Question 8 1. Assume that product X has a negative cross elasticity with respect to shoes. If the price of shoes rises a. the demand for shoes will fall. b. the demand for product X will decrease. c. the demand for product X will increase. d. the quantity demanded for product X will increase. 1 points Question 9 1. In large companies it is often the case that a. profits increase with market share. b. bureaucracacy weighs down performance. c. bureaucracy compliments performance. d. revenues increase faster than costs. 1 points Question 10 1. Average total costs are defined as a. total costs divided by output. b. the change in total costs when output changes. c. total costs divided by the change in output. d. average variable costs plus marginal costs. 1 points Question 11 1. The change in total costs when output changes is called a. marginal product. b. marginal cost. c. average variable costs. d. average total cost. 1 points Question 12 1. Average fixed costs a. are always falling with increases in production. b. are dependent on marginal costs. c. are always rising with increases in production d. are dependent on average variable costs. 1 points Question 13 1. The shape of the costs curves may be traced back to a. the law of diminishing marginal utility. b. the law of diminishing marginal returns. c. the difference between the short run and the long run. d. the fact that all production occurs in the long run. 1 points Question 14 1. If unit costs remain constant as the quantity of production increases and all inputs are variable, then a firm is experiencing a. diseconomies of scale. b. falling economies of scope. c. constant returns to scale. d. economies of scale. 1 points Question 15 1. How large a firm becomes is determined by a. the availability of economies of scale. b. the availability of economies of scope. c. the availability of specialized managers. d. the demand for its product. 1 points Question 16 1. Economies of scope often occur because a. it forces firms to search for economies of scale. b. a production facility can be used to produce more than one product. c. it enhances the ability to find market niches. d. managers are able to multi-task in product markets 1 points Question 17 1. The shape of an experience curve suggests that a. specialization does not matter. b. learning does not pay. c. experience can lower costs. d. none of these choices. 1 points Question 18 1. If marginal revenue exceeds marginal costs a. production should be increased. b. production should be increased and profits will grow. c. production should be increased and losses will decrease. d. all of these choices are possible. 1 points Question 19 1. Firms in an oligopoly a. engage in strategic behavior. b. have perfect knowledge of the behavior of others. c. act independently. d. openly collude. 1 points Question 20 1. The kinked demand curve is based on the idea that a. you will not follow my behavior at all. b. you will follow my price increase but not my price cut. c. you will follow all price changes I might initiate. d. you will follow my price cut but not my price increase.